The North West has the highest rate of business rescue in the country with half of businesses (52%) declared insolvent surviving in some form.
A new report by R3 shows that insolvency professionals helped to rescue 1,243 companies and save around 34,786 jobs in the North West in 2013/14. The business survival rate of 52% in the region is well above the national average of 41%.
The figures do not include those companies which took advice from insolvency practitioners but managed to refocus their business without entering a formal insolvency procedure. There are around 180 insolvency practitioners in the North West, out of approximately 1,750 in the UK.
The report, Why Insolvency Matters: The insolvency profession’s value to the North West, shows that in 2013/14 professionals in the region:
In the UK as a whole: